Atif Mian's Books

House of Debt

How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

By: Atif Mian,Amir Sufi

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House of Debt

How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

By: Atif Mian,Amir Sufi

“A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as less dramatic periods of economic malaise, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. We can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing today’s economy: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

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Page Count

238

Publisher

University of Chicago Press

Published Date

ISBN 10

022627750X

ISBN 13

9780226277509

Repentance and the Return to God

Tawba in Early Sufism

By: Atif Khalil

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Repentance and the Return to God

Tawba in Early Sufism

By: Atif Khalil

The first major study of the idea of repentance, or tawba, in Islam. This book offers the first extensive treatment in a European language of tawba in Islam. Conventionally translated as repentance, tawba includes the broader sense of returning to God. Khalil examines this wider notionin the early period of Sufism with a particular focus on the formative years of the tradition between Mu??sib? and Ab? ??lib al-Makk?. Beginning with an extensive survey of the semantic field of the term as outlined in Arabic lexicography, Khalil offers a detailed analysis of the concept in Muslim scripture. He then examines tawba as a complex psychological process involving interior conversion and a complete, unwavering commitment to the spiritual life. The ideas of a number of prominent figures from the first few centuries of Islam are used to illuminate the historical development of tawba and its role in early praxis-oriented Sufism. In this exemplary study, Khalil lays bare the contours of the key concept of repentance in the spiritual psychology of early Islam with admirable sensitivity and easea remarkable achievement. Ahmet T. Karamustafa, author of Sufism: The Formative Period Atif Khalils Repentance and the Return to God is an illuminating account of the idea of tawba as attested to in the early Sufi literature from the ninth through the tenth centuries. Starting with a painstaking semantic examination of the Qur?nic passages related to repentance from sin and turning to God in remorse and search of pardon, the author traces the development of these motifs from early Sufi didactic adages to their subsequent rearticulation in the sophisticated psychological discourses of such major lights of classical Sufism such as al-Mu??sib?, Sahl al-Tustar?, al-Kharr?z, al-Junayd, and Ab? ??lib al-Makk?. A must read for both lay readers interested in comparative mysticism/religions and specialists on Islam, Sufism, and Islamic spiritual and intellectual history. Alexander Knysh, author of Islamic Mysticism: A Short History and Sufism: A New History of Islamic Mysticism

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Page Count

274

Publisher

SUNY Press

Published Date

ISBN 10

143846911X

ISBN 13

9781438469119

House of Debt

How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

By: Atif Mian,Amir Sufi

Write a review Read reviews Take a Quiz Solve Book Puzzle

House of Debt

How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

By: Atif Mian,Amir Sufi

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

238

Publisher

University of Chicago Press

Published Date

ISBN 10

022627750X

ISBN 13

9780226277509

Book's by Atif Mian

House of Debt

House of Debt

Repentance and the Return to God

Repentance and the Return to God

House of Debt

House of Debt

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